Economic costs of extreme precipitation and flooding under climate change
How have increases in precipitation affected the cost of flood damages in the United States?
In this project, we analyze historical records of flood damage and precipitation in the U.S. over the recent past (1988-2017). Based on our statistical models, we estimate that increases in precipitation in the U.S. have caused about one third (or around $73 billion) of the recent flood damages. Although there are a number of factors that could lead to increased precipitation, human-caused climate change has likely contributed to these additional costs.
Changes in precipitation have increased the costs of flooding in the U.S. by about $73 billion between 1988 and 2017. (Figure adapted from Davenport et al., 2021)
Why is this important?
Flooding is one of the most common natural hazards - many people have personally experienced flooding and the damages it causes. Our research shows that climate change is making these costs worse. It is critical to consider these costs (and how they might be avoided in the future) when discussing possible climate change mitigation or adaptation strategies. This type of research provides essential information to policy makers who are evaluating benefits and costs of climate action.
Related Publications
Davenport, F. V., M. Burke, and N. S. Diffenbaugh (2021) . Contribution of historical precipitation change to US flood damages, Proceedings of the National Academy of Sciences, https://doi.org/10.1073/pnas.2017524118